Don’t be fooled by statistics

The definition of algorithmic trading under MiFID II is extremely broad, essentially capturing any functionality that determines any parameter of an order automatically. That begs the question, what order flow qualifies as not algorithmic? Hand on heart, how many traders can claim to exclusively use native exchange order types and not rely on at least one of the friendly little helpers in the form of a stop order, an iceberg, delayed start or order expiry? Probably very few, possibly... Read More

MiFID II choice cuts

The overhaul of transaction reporting under MiFID II continues unabated in the latest ESMA drafts, with new obligations and data changes still being introduced. Aimed at improving the quality of data for market abuse investigation, ESMA has introduced a new requirement for transaction reports to be made available to regulators in a common XML template in accordance with ISO 20022 methodology. Currently used mainly for payments and post-trade financial messages, this international... Read More

Doesn’t ESMA time fly!

Looking at the latest changes regarding accuracy of business clocks, now reincarnated as RTS 25, I noticed a number of interesting points in the text. Most importantly, the absence of the usual clause “…applies from 3rd January 2017”, with just the generic phrase stating that the rules will “enter into force on the twentieth day following that of its publication”. Is this an accidental omission, I wonder? If not, given that the European Commission has three... Read More

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